"Prices should remain within a reasonable range to prevent a slowdown in economic growth," he said. "Because prices are at a record, we expect to resume discussions this week to add 500,000 barrels a day starting in May."
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Crude Rises, Shrugging Off Opec Pledge
Crude oil futures hit a fresh high in Asia trade Monday
Crude oil futures hit a fresh high in Asia trade Monday.
May delivery crude was trading at $57.59 a barrel, up 32 cents from Friday's close. The contract hit a new high of $57.79 earlier in the Monday session, topping Friday's intraday high of $57.70.
Over the weekend, Sheikh Ahmad Fahd al-Sabah, OPEC's president, said OPEC may boost its crude output quota by 500,000 barrels a day in May and add another half-a-million barrels in the third quarter in a bid to stop record oil prices from slowing economic growth.
"Prices should remain within a reasonable range to prevent a slowdown in economic growth," he said. "Because prices are at a record, we expect to resume discussions this week to add 500,000 barrels a day starting in May."
"Prices should remain within a reasonable range to prevent a slowdown in economic growth," he said. "Because prices are at a record, we expect to resume discussions this week to add 500,000 barrels a day starting in May."
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